Validate and reconcile accruals, claims, and deductions
Flintfox provides a settlement module for businesses who require the ability to accurately and efficiently reconcile trade and revenue management related finances. Businesses can be confident with Flintfox, that financial data is up-to-date, ensuring the successful reconciliation of claims, deductions, fees and rebates. Many industries require after-the-fact settlement of various allowances - such as bill-backs, scan-backs, lump sums, rebates, commissions, and fees. This requires detailed financial tracking and automated adjustment processes, as well as efficient methods to receive, approve/reject, and settle payment requests or claims.
Many ERP and accounting systems have no special accrual processing routines for promotions, rebates, fees or royalties. Without a systematic and automated method for the calculation and generation of accruals, calculating an organisation’s true liability requires significant manual processing and does not allow for accurate and real time expense and revenue recognition.
For promotion and rebate activities, where settlement is “after-the-fact”, Flintfox enables highly flexible and automated accrual and settlement facilities. Flintfox best of breed settlement toolsincrease operational efficiency and reduce revenue leakageby ensuring accurate reconciliation of all money owed or payable.
Flintfox Claims and Deductions Management includes:
General ledger integration
Unlimited pricing/discount/accrual categories with configured general ledger posting parameters provides flexible financial reporting options.
Expense and revenue recognition
Recognise expenses and revenue as they occur, greatly reducing end of period processing via real-time and automated accrual processing facilities
Automate settlements of any customer, vendor, or commission program via batch jobs on any frequency such as week/month/quarter/year
Flexible settlement options
Settle customer and vendor rebates/chargebacks through accounts payable or accounts receivable, via automated settlement jobs, deductions, or manual claims
Reduce leakage with full deduction workbench: quickly reconcile short payments, manage by exception, and greatly reduce administration efforts
Automated financial adjustments
Create or edit agreements will fully configurable, date-based financial adjustments to retrospective line level invoice transactions
Need a better way of managing accruals, claims, and deductions?
While most trade spend and revenue management solutions provide management functions to help you deal with your customers or trade partners (sell-side), Flintfox can also manage the trade related activities associated with your suppliers or vendors (buy-side), including pricing, promotions and rebates.
Flintfox settlements provides an integrated framework to improve and automate the reconciliation of all retrospective programs with customers and vendors.